Segilola Resources commends fact-finding report on dispute with Osun govt

Segilola Resources Operating Limited (SROL) commends the findings of the Inter-Ministerial Fact-Finding Committee on its dispute with the Osun State Government, reaffirming its commitment to the state’s development.

Austin Menegbo, Segilola’s Country Manager, in a statement released after a meeting held in Abuja on March 25, 2025, SROL expressed appreciation to the Minister of Solid Minerals Development, Dr. Henry Dele Alake, and the Committee for what it described as a “thorough assessment” and a resolution process rooted in fairness and transparency.
“Importantly, the report affirms what we have maintained from the outset – SROL has acted in full compliance with its legal and regulatory obligations, and the allegations of wrongdoing were unfounded,” the company stated.

The report also addressed the issue of Osun State’s shareholding in Thor Explorations Ltd, SROL’s parent company.

According to the findings, Thor issued 5,192,869 ordinary shares to the Osun State Government following its acquisition of the Segilola Gold Project in August 2016. These shares, which carry no preferential rights, had remained in the custody of Tropical Mines Limited (TML) with the knowledge of the state. In a significant development, TML representatives formally handed over the share certificate to Osun State Governor Ademola Adeleke during the meeting.

The Committee’s report also addressed the contentious tax dispute between SROL and the Osun State Government. It confirmed that the ₦3.2 billion tax invoice issued against the company was not valid. Instead, a revised tax invoice of ₦98,347,105.18, issued on September 23, 2024, was deemed appropriate and is now subject to a final reconciliation process to facilitate an amicable resolution.

On environmental concerns, the report found no evidence of environmental degradation caused by SROL’s operations. Consequently, the Committee concluded that there is no basis for additional environmental levies against the company.

While the report addresses key concerns, SROL stated that it remains open to continued engagement with the Osun State Government to resolve any outstanding issues. “For full details on the findings and recommendations of the Inter-Ministerial Fact-Finding Committee, please refer to the report available on our website via the following link: https://srol.com.ng/home/anevent/399. The recommendations can be found on pages 15-19,” the company added.

SROL reaffirmed its dedication to fostering positive relationships with its host communities through its Corporate Social Responsibility (CSR) initiatives and Community Development Agreement (CDA) programmes.

The company highlighted several ongoing community-focused projects, including the construction and renovation of schools, the provision of scholarships for secondary and tertiary students, and the sponsorship of skill acquisition workshops for youth and women.

In the healthcare sector, SROL continues to provide medical equipment, renovate healthcare centers, and implement disease prevention campaigns. In 2024, the company conducted its second medical outreach, offering advanced diagnostics, medications, and surgical procedures to community members.

The company is also engaged in infrastructure development, including ongoing road rehabilitation projects, providing a transformer to Imogbara, and installing 150 solar streetlights in Iperindo communities. Additionally, through its Sustainable Livelihood Restoration Programs (LRP), SROL has supported vegetable farms, fish farms, and cocoa rehabilitation for project-affected persons (PAPs), in addition to providing compensation.

By embedding sustainability and community development into its operations, SROL continues to promote economic and social well-being while fostering long-term positive relationships with local communities.

The company emphasized its commitment to working collaboratively with stakeholders to ensure a sustainable future for Osun State and Nigeria’s mining sector.